JCX-26-24 (May 23, 2024)
Overview Of The Federal Tax System As In Effect For 2024
The current Federal tax system has four main elements: (1) an income tax on individuals, estates, trusts, and corporations (which consists of both a “regular” income tax and, in the case of individuals and certain large corporations, an alternative minimum tax);2 (2) payroll taxes on wages (and corresponding taxes on self-employment income) to finance certain social insurance programs; (3) estate, gift, and generation-skipping transfer taxes; and (4) excise taxes on selected goods and services. The staff of the Joint Committee on Taxation provides a broad overview of each of these elements.
The current Federal tax system has four main elements: (1) an income tax on individuals, estates, trusts, and corporations (which consists of both a “regular” income tax and, in the case of individuals and certain large corporations, an alternative minimum tax);2 (2) payroll taxes on wages (and corresponding taxes on self-employment income) to finance certain social insurance programs; (3) estate, gift, and generation-skipping transfer taxes; and (4) excise taxes on selected goods and services. The staff of the Joint Committee on Taxation provides a broad overview of each of these elements.
Related Publications
-
JCX-23-25 (May 13, 2025)
Distribution Of The Estimated Revenue Effects Of The Tax Provisions Of The Chairman's Amendment In The Nature Of A Substitute To The Budget Reconciliation Legislative Recommendations Related to Tax
view details -
JCX-22-25R (May 13, 2025)
Estimated Revenue Effects Of Provisions To Provide For Reconciliation Of The Fiscal Year 2025 Budget
view details -
JCX-21-25 (May 12, 2025)
Description Of The Tax Provisions Of The Chairman’s Amendment In The Nature Of A Substitute To The Budget Reconciliation Legislative Recommendations Related To Tax
view details